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Thursday, August 29, 2013

Thursday Morning Update

We have a pretty straight forward range, form yesterday's low to yesterday's high, and although it is pretty narrow, we will probably be staying within that range today. We got a reversal of an initial gap down this morning, and I would not be surprised to see it reverse again, with the mid point at 1634 serving as a price magnet. Sector wise, we have XLK and XLY leading this morning, XLE and XLU lagging. The Nasdaq and Russell 2000 are both leading. I have oil and gold down, treasury yields up.

I have 33 new highs so far, with breakouts in PRCP, DGLY, EGAN, MEI, CWST, MPWR, and LRN. I have a report from JASO, down 4.7%.

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